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China Land transfer revenue surges 46.6pct in 1Q

Posted on 16 April 2013

China’s land transfer revenue, a major source of income for local governments, totaled 770 billion yuan ($124 billion) in the first quarter of the year, up 46.6% from a year earlier, the Finance Ministry said Monday. Land sales revenue dropped 34.6% in the first quarter of last year, the ministry said in a statement on its website.
China began a campaign in the then-red hot property market three years ago in a bid to check speculation and head off potential social unrest. But the drive against spiraling prices, which included an outright ban on purchases of second and third homes in some areas as well as curbs on credit, took a toll on local government revenue collection last year………………………………………..Full Article: Source


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